Practice Question 06 X Companies using a periodic inventory system take a physical inventory to determine the inventory on hand at the balance sheet date, and to determine the cost of goods sold for the period. Companies using a periodic inventory system take a physical inventory for each of the following purposes except to determine the O cost of goods sold for the period. inventory on hand at the balance sheet date. O amount of inventory lost due to shoplifting or employee theft. all of the answer choices are correct